Pressure to impose national taxes on inflated profits energy companies practice EUROPE.according to an article in the Financial Times, in order to combat “astronomical” – as the President of the Commission Ursula von der Leyen– electricity bills.

Planned contributions to be discussed by EU energy ministers. on Friday, will target both fossil fuel and low-carbon electricity producers that have made inflated profits thanks to artificially high electricity prices, according to people familiar with the plan, according to the Financial Times.

Wholesale electricity prices have skyrocketed because they are pegged to the price of natural gas, whether electricity is generated by gas or by other means. Gas prices are about 10 times higher than a year ago.

Ms von der Leyen said the national levy will be accompanied by measures to reduce electricity consumption during peak hours. Brussels will also work with member countries to ensure sufficient liquidity for electricity producers, the European Commission president said. That would mean the Commission would show “maximum flexibility and speed” to facilitate the temporary government assistance offered by member states to companies, he added.

It is noted that at the same time it is proposed to set a ceiling on the price of Russian natural gas in order to limit Moscow’s profits. The commission is working on measures ahead of an emergency meeting of energy ministers to be held on Friday in Brussels.

“This is his cynical game. Insert and for us, this is a test of unity and solidarity,” said the President of the Commission, noting that “Europeans have the economic strength, creativity and team spirit to pass this test of endurance and prevail.”

“We are in a paradoxical situation: energy companies have unexpectedly high returns, completely unrelated to their costs or investments. And consumers face astronomical bills. Our emergency measures are aimed at restoring social balance. In the meantime, we will propose channeling windfalls never dreamed of by energy companies to vulnerable households and businesses. This ensures that the world can benefit faster and more clearly from our massive investment in renewable energy. Renewable energy sources are cheaper, cleaner and household. At the same time, we expect the energy sector to accelerate its green transition by investing in renewable sources and promoting energy savings,” said the president of the Commission, among other things, in an interview with a media group in Brussels.

^{According to the Financial Times}